Cant imagine being the guy to be like "hey so to keep your neighbors house from burning down we are going to bulldoze yours and then catch it on fire"
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Simple English definitions for legal terms
cooperative housing
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A quick definition of cooperative housing:
Cooperative housing, or co-op, is a type of living arrangement where people own a share of the whole building instead of just one unit. This is a good option for people who want to live in a city but can't afford a condo. Each person owns a share based on the value of their unit and gets to vote on who manages the co-op. However, there are more rules and restrictions in a co-op, like needing approval to make changes to your unit. Also, shareholders don't own the title to their rental units.
A more thorough explanation:
Cooperative housing, also known as co-op, is a type of housing where each person owns a share of the entire complex instead of owning a specific unit like in a condominium. This type of housing is commonly found in cities as an alternative to condominiums, which can be more expensive. Co-ops provide the same amenities as condominiums, such as security and maintenance.
Each member of the co-op owns shares that are relative to the value of the unit they live in. Members get to vote on who is part of the board of directors, which manages the co-op and makes important decisions, such as who can buy into the co-op.
While co-ops are often cheaper than condominiums, they come with more restrictions and covenants. For example, members may not be able to renovate their unit without approval, and the shareholders of the co-op do not own title to their rental units.
An example of a co-op is a housing complex in New York City called the Rochdale Village. This co-op has over 20,000 residents and is made up of 20 buildings. Each resident owns a share of the entire complex, and the board of directors manages the co-op. The board makes decisions about who can buy into the co-op and sets rules and regulations for the residents to follow.
Another example of a co-op is the Park Slope Coop in Brooklyn, New York. This co-op is a grocery store where members own a share of the store and work together to run it. Members are required to work a certain number of hours each month in exchange for discounted prices on groceries.
These examples illustrate how co-ops work by showing how members own a share of the entire complex or store and work together to manage it. They also show how the board of directors makes important decisions for the co-op and sets rules and regulations for the members to follow.